Telecom Giant Expects 24pc Jump in Revenues

Aug 21 , 2021


In the face of impending competition, Ethio telecom targets to increase its revenues by 24pc to 70 billion Br this year. The state-owned telecom giant earned 56.5 billion Br in revenues during the last fiscal year, portraying an 18pc annual increase. Unveiling a new strategy that spans from 2021 to 2024 last week, Frehiwot Tamiru, CEO, explained her intent to introduce new business streams and shift revenue sources from traditional to value-added services in order to achieve the target set for this year. The Safaricom-led global consortioum, which acquired a telecom license for 850 million dollars, is expected to start operations in early 2022. It is expected to start providing services by renting out telecom infrastructure from Ethio telecom, another revenue source that Frehiwot expects to boost the numbers this year.


Radar

Parliament Reviews Bill Allowing Foreign Property Ownership

A draft proclamation that would allow foreigners to own or occupy immovable property in Ethiopia has been submitted to parliament by the Council of Ministers. Designed to attract foreign investment, the draft law plans to ensure that Ethiopian citizens retain their right to land ownership and use. According to a statement from the Prime Minister's Office, the draft was among six agenda items discussed and approved during the Council's regular session held on May 2, 2025. The proclamation is e...


Radar

Speeding in the Spotlight as New Safety Drive Begins

The Road Safety and Insurance Fund Service has stated that drivers are responsible for 68 percent of traffic accidents in Ethiopia, with the remainder mainly caused by pedestrians and road conditions. On this topic, the service launched a one-month mass media campaign on last week focused on raising awareness about speeding, the leading cause of traffic accidents. The campaign, under the motto "Slow Down, Speeding Ruins Lives," plans to shed light on the dangers of speeding. Yohannes Lemma, E...


Radar

Askari Metals Secures Five Gold Licenses in Untapped Adola Belt

Askari Metals has acquired 100pc of Rift Valley Metals, gaining five gold exploration licences covering 460sqkm in Ethiopia's Adola Greenstone Belt, part of the southern Arabian-Nubian Shield, a mineral-rich but underexplored region. "The exploration areas—Sakaro, Sakaro West, Lega Dembi South, Megado, and Wayu Boda—lie near Ethiopia's top gold mines, including Lega Dembi and Sakaro, which have produced over three million ounces of gold. The area is known for orogenic gold systems hosted...